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Tax audit liability
A company which is exporting software services having turnover exceeding 50 lacs but below 1 crore.Is it liable to tax audit or not??
Replies (12)
Not liable for tax audit
Not liable , tax audit limit u/s 44AB 2 Crores
Software services are professional services , professional services are liable to tax audit if gross receipts exeeds 50 lacs ??
If it is following presumptive basis u/s 44AB then it is not liable for tax audit
To avail presumptive taxation ,the gross receipts to be below 50 lacs
First of all it is not a case of specified profession bcz it can be an individual assessee and it is a company assessee. and company assessee is not eligible for sec 44AD and tax audit sec 44AB turnover limit exceed 1 cr.
Individuals / HUF , can only choose presumptive scheme ie , books not maintained case , As per companies act , books of account mandatory!
Software services will come under engineering (which is a professional service) ?? and gross receipts are more than 50 lacs which is liable to tax audit
Yes but the assessee should be an individual but here assessee is company
In sec 44ab there is nowhere mentioned that individual or company .There only mentioned as an assesse then the assessee can be an individual or a company ,it makes no difference
Plz refer sec 44AA and then Sec 44ADA then u will believe that specified professional is individual mentioned therein and sec 44AB talk about 50 lacs to such specified professional.
Okay. Thank you
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